Laserfiche WebLink
G. Bonded Indebtedness. It is estimated that approximately <br />$1,960,000 of bonded indebtedness may be incurred with <br />respect to the project located within Tax Increment <br />Financing District No. 2 -1. However, the City wishes to <br />reserve the right to pay for the public costs listed in <br />Subsection. 1.5 of the Development Program as tax <br />increments are generated and become available in lieu of <br />issuing Tax Increment Bonds. <br />Subsection 2.16. Proposed Development Analysis. <br />Pursuant to Minnesota Statutes, Section 469.175, Subd. 1(7), <br />specific findings and analysis relating to the proposed <br />development in Tax Increment Financing District No. 2 -1 must <br />be identified. Exhibit II -C contains all information relating <br />to the determination that the proposed development in the <br />opinion of the City, would not reasonably be expected to occur <br />through private investment within the reasonably foreseeable <br />future, therefore, the use of tax increment is deemed <br />necessary. <br />Subsection 2.17. Tax Increment Financing Account for Tax <br />Increment Financing District No. 2 -1. The tax increment <br />received with respect to Tax Increment Financing District No. <br />2 -1 will be submitted to the City and segregated by the City <br />in a special account or accounts on its official books and <br />records or as otherwise established by resolution of the City. <br />Subsection 2.18. Modification of Tax Increment Financing <br />District No. 2 -1 and /or Tax Increment Financing Plan. Modi- <br />fications to this Tax Increment Financing Plan will be made in <br />accordance with the Act. <br />2 -7 <br />Page 31 <br />